FTSE 100 watch: Company results and rise in copper buoy Footsie
The UK benchmark index has gained ground today, recouping some of the previous session’s hefty losses, finding support in a strong mining sector. Investors are also digesting several FTSE 100 company releases, including an update by Informa (LON:INF) which posted a rise in revenue for the first half of the year.
As of 12:30 BST, Britain’s blue-chip index had added 64.76 points to stand 0.88 percent higher at 7,442.49. The miner-heavy FTSE 100 has found support in resource stocks, which are tracking copper prices higher. Anglo American (LON:AAL) is currently the sector’s biggest riser, having added 5.55 percent to 1,166.00p.
In individual Footsie movers, Informa has advanced after posting a 3.7-percent rise in its underlying revenue for the first six months of the year.
“Informa has successfully repositioned itself in recent years through a combination of investment and acquisition activity,” said Roddy Davidson, media analyst at Shore Capital, as quoted by Reuters, reiterating a ‘hold’ view on the blue-chip media company.
“We believe this process has improved the performance and prospects of the group’s underlying businesses and enhanced its on-going organic growth potential,” the analyst pointed out. Informa’s share price is currently 4.20 percent better off at 704.00p.
At the other end of the spectrum has been Provident Financial Group (LON:PFG), whose shares have been sold off today as the company posted a drop in first-half profit before tax as a result of disruption from the migration of the home credit business to a new operating model. Provident’s share price has lost 4.79 percent to 2,187.00p so far in today’s session.
**The FTSE 100 index was 0.85 percent up at 7,440.53 points as of 12:53 BST on Tuesday, 25 July 2017.**
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